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Can I get a step by step on how to graph this into a calculator? View an Example | All parts showing X save for
Can I get a step by step on how to graph this into a calculator?
View an Example | All parts showing X save for retirement, Karla Harby put $1425 each month into an ordinary annuity for 9 years. Interest was mpounded monthly. At the end of the 9 years, the annuity was worth $198,065. What annual interest rate did she ceive? OL X Substitute the values for FV, PMT, I, and n into the future value formula, as shown below. 12 108 x + 12 1 198,065 = 1425 X 12 is equation is difficult to solve algebraically. A rough approximation can be obtained by usispa calculator and ing different values for x. With a graphing utility, an accurate solution can be found by settir, each side of the uation equal to y, graphing both curves, and finding the x-coordinate of the point where the graphs intersect. 108 x 12 1 ne graph of y = 198 065 and y = 1425 is X 12 own to the right [0, 0.15] x [0, 297098] ing the intersection feature of your graphing utility, the x-coordinate of the intersection point, or the interest rate decimal form, is determined to be r=0.05448, rounded to five decimal places. erefore, the interest rate she received was approximately 5.45% Print Close S View large DELTUIE MED UE period of 5 yearst on View an Example | All parts showing X save for retirement, Karla Harby put $1425 each month into an ordinary annuity for 9 years. Interest was mpounded monthly. At the end of the 9 years, the annuity was worth $198,065. What annual interest rate did she ceive? OL X Substitute the values for FV, PMT, I, and n into the future value formula, as shown below. 12 108 x + 12 1 198,065 = 1425 X 12 is equation is difficult to solve algebraically. A rough approximation can be obtained by usispa calculator and ing different values for x. With a graphing utility, an accurate solution can be found by settir, each side of the uation equal to y, graphing both curves, and finding the x-coordinate of the point where the graphs intersect. 108 x 12 1 ne graph of y = 198 065 and y = 1425 is X 12 own to the right [0, 0.15] x [0, 297098] ing the intersection feature of your graphing utility, the x-coordinate of the intersection point, or the interest rate decimal form, is determined to be r=0.05448, rounded to five decimal places. erefore, the interest rate she received was approximately 5.45% Print Close S View large DELTUIE MED UE period of 5 yearst onStep by Step Solution
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